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Analyst: More Correction To Come--"They Don't Happen Overnight"

After Tuesday's market spasm came another sobering notion: the correction might not be finished yet. But "it doesn't worry" James Bianco, president of Bianco Research. He explained his calm to CNBC's Joe Kernan.

Bianco appeared on "Squawk Box" to say that "history shows" that corrections "don't happen overnight" -- so no one ought to be taken by surprise, if they've done their homework. he pointed out that "228 days passed without a 2%" adjustment" until Tuesday's shock, and now investors should expect a "period of backing and filling" for the next two months.

He predicted that the market will go lower, "but not much lower than 10%" -- as compared to the double-digit drops seen in China -- and added that "we're already 4% off the high." And if the U.S. stock market only slips a bit, he believes the Federal Reserve won't cut rates, as "they won't have a reason to cut." The Fed's real concern, Bianco maintains, will be "worrisome" inflation.

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